New list of 169 politically exposed persons published by Financial Supervisory Authority in Faroe Islands

A new list of 169 politically exposed persons (PEPs) in the Faroe Islands has been published on the website of the Financial Supervisory Authority. This organization is responsible for daily oversight of financial matters in the country.

The list includes members of Parliament, government officials, ambassadors, senior executives, party board members, public managers, and members of various public limited companies, as well as the director and board of the national broadcasting service.

The Danish regulation regarding politically exposed persons came into effect in the Faroe Islands on November 1, 2021. This regulation is grounded in anti-money laundering legislation that was enacted in 2020.

Under this regulation, financial institutions are permitted to maintain a list of clients deemed politically exposed, known as a PEP list. This concept was first introduced in Denmark in 2019.

These individuals are included on a list that the Financial Supervisory Authority publishes for public access, which banks and other financial entities can then utilize.

Previously, there were around 120 individuals on the Faroese PEP list last year.